KTFA Members "News and Views" Thursday 3-9-2023
KTFA:
Clare: The President of the Republic confirms the imminent adoption of the budget
3/09/2023
On Thursday, the President of the Republic, Abdul Latif Jamal Rashid, confirmed the imminence of approving the financial budget law for the year 2023.
And the Presidency of the Republic stated in a statement, "The President of the Republic, Abd al-Latif Jamal Rashid, received today, at the Baghdad Palace, a delegation from the American Institute of Peace."
Rashid said, "The government is working to improve the general conditions in the country, especially the economic aspect, to improve the living and service conditions of citizens, and to combat corruption."
Rashid pointed out, "The imminent approval of the financial budget and its importance in economic development and the development of basic infrastructure." LINK
RMF: At my age memory is not what it once was but I seem to recall that Iraq last revalued their currency in a December...of course it was the wrong direction but nevertheless a change without any fanfare.
None of their changes have removed them from the grips of a worthless currency as is now being proposed. So IMOO I still hold out for purchasing power to be revealed even this month.
They have promised a change for months. How long can the citizens hold on to their dinars in Iraq waiting for purchasing power when there are immediate living needs ??
I think I understand that they will also, perhaps, reveal the NSC (New small currency) notes and possibility even the coins this month...possibility in the coming week.
I seem to also recall that it was once said that simultaneously or shortly afterwards the rate would be exposed. Again this gives me hope that this may be our month. Seems like the people who have been most hurt by these delays are expectant also per our FF.(firefly)
I also seem to recall that the rate would be revealed prior to the Budget release. The Budget needs the rate. Wouldn't be wonderful and encouraging if it changed to 1:1,000 ?
If not then we seem to be waiting until after Ramadan which ends on the 22nd of April. IMO
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Clare: The Central Bank of Iraq decides to use only the local currency at ATMs
3/09/2023
The Central Bank decided today, Thursday, to use the local currency only at ATMs.
The bank said in a statement received by Shafaq News agency, "Based on the decision of the Council of Ministers and in light of the policy of the Central Bank of Iraq to encourage reliance on the national currency in financial transactions inside Iraq provided by the banking system and non-banking financial institutions, it was decided that the electronic financial services provided inside Iraq Through (automated teller machines, point-of-sale devices, electronic payment gateway) in the Iraqi dinar.
It is noteworthy that the automatic teller machines use the denominations of Iraqi dinars and dollars in withdrawal operations for citizens. LINK
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Clare: Iraq completes preliminary designs for the Baghdad Elevated Train Project
3/09/2023
The Ministry of Transport announced, on Thursday, the completion of the basic design and track for the Baghdad Elevated Train (BET) project, which is also called the Baghdad Metro or the suspended train.
The ministry's media office said in a statement, "The (BET) project is among the important transportation projects targeted for implementation this year and is included in the current year's budget."
Zawya Projects Company stated, "The work on BET includes 14 stations with a total length of 31 km."
During his visit to Paris at the end of January, the Prime Minister, Muhammad Shia' al-Sudani, discussed with the French company (Alstom) specialized in establishing railway infrastructure and the train industry, the implementation of the economic model for the Baghdad Suspended Train Project, which was commissioned by the Iraqi government to prepare.
For his part, Minister of Transport, Razzaq Muhaibis, announced that: "Baghdad train includes 14 stations, and a length of 31 kilometers," stressing that "there are efforts to expand the line outside the city of Baghdad, and it may reach more than 50 kilometers." LINK
Clare: Kuwaiti dinar first and US dollar tenth: the 10 most powerful currencies in the world
The American "Forbes" magazine stated that the US dollar is not the strongest currency in the world, but rather the Kuwaiti dinar, and with a big difference between them.
The American magazine stated that the US dollar is generally seen as the most powerful currency in the world, adding that it is the most traded currency on the world stage, but it is surprising that the "dollar" is not the most powerful paper currency, among the world's 180 legally recognized currencies. all over the world.
He reviewed the report, which was translated by Shafak News Agency. The 10 most powerful currencies in the world, based on their relative value against the US dollar, noting that most currencies are "floating", which means that their value fluctuates according to supply and demand, while some currencies are "correlated", which means that their value is relative to another currency (such as USD) fixed at an agreed rate.
The report pointed out that exchange rates affect the cost of goods and services in a foreign currency, but exchange rate fluctuations also create an opportunity for investors looking to make profits through foreign currency trading.
Here are the 10 most powerful currencies:
1. The Kuwaiti dinar
The Kuwaiti dinar is the strongest currency in the world, as a Kuwaiti dinar buys 3.26 US dollars (or in other words, 1 US dollar is equivalent to 0.31 Kuwaiti dinars, meaning that every Kuwaiti dinar is equivalent to about 3 dollars).
The report indicated that Kuwait earns much of its wealth from being a leading global exporter of oil, and the Kuwaiti dinar was introduced in the sixties of the last century and was initially pegged to the pound sterling before it was re-linked to a basket of currencies.
2. The Bahraini dinar
The Bahraini dinar is the second strongest currency in the world with one Bahraini dinar buying 2.65 US dollars (or one dollar equals 0.38 Bahraini dinars).
Bahrain earns much of its wealth from oil and gas exports. The Bahraini dinar was put into circulation in 1965 and is pegged to the US dollar.
3. The Omani Rial
The Omani Rial is the third strongest currency in the world with one Rial Omani buying US$2.60 (or one dollar equals 0.38 Omani Rial). As with its other wealthy neighbors, Oman is a major exporter of oil and gas, and the Omani rial was introduced in the 1970s and is pegged to the US dollar.
4. The Jordanian dinar
The Jordanian dinar is the fourth strongest currency in the world, with a Jordanian dinar buying 1.41 US dollars (or one dollar equals 0.71 Jordanian dinars).
Jordan is less dependent on oil and gas exports than its neighbours, and is suffering from sluggish economic growth and mounting debt. The Jordanian dinar was put into circulation in the year 1950 and is linked to the US dollar.
5. Sterling
The British pound is the fifth strongest currency in the world with a British pound buying 1.20 US dollars (or 1 US dollar equals 0.83 British pounds).
Britain is the sixth largest country in terms of gross domestic product, according to the World Bank, and the pound was introduced for the first time in the 14th century before its decimal value was broken in 1971. It is a free currency and is not linked to other currencies.
6. The Cayman Islands dollar
The Cayman Islands dollar is the sixth strongest common currency in the world, with 1 Cayman Islands dollar buying 1.20 US dollars (or 1 US dollar equals 0.83 Cayman Islands dollars).
The Cayman Islands is a British territory in the Caribbean and is an offshore financial centre. The Cayman Islands dollar was first introduced in the 1970s and is pegged to the US dollar.
7. Gibraltar pound
The Gibraltar pound is the sixth strongest common currency in the world, with 1 Gibraltar pound buying 1.20 US dollars (or 1 US dollar equals 0.83 Gibraltar pounds).
Gibraltar is located in the southern part of Spain and is officially a British territory. The Gibraltar pound was first introduced in the 1920s and is pegged to the British pound (and the Gibraltar pound is equal to one British pound).
8. Swiss francs
The Swiss franc is the eighth strongest currency in the world, with one Swiss franc buying 1.07 US dollars (or 1 US dollar equals 0.93 Swiss francs).
The Swiss franc is the official legal currency of Switzerland and Liechtenstein and is viewed as a safe haven due to the political stability in Switzerland. The Swiss franc was introduced in the year 1850 and was briefly pegged to the euro before moving into a free float.
9. EUR
The euro is the ninth strongest currency in the world, with 1 euro buying 1.07 US dollars (or 1 US dollar equals 0.94 euros).
The euro is the official currency of the eurozone, which consists of 19 countries out of the 27 countries that are part of the European Union. The physical currency entered circulation in the year 2002 and is floating and free.
10. US dollars
The US dollar is the 10th most powerful currency in the world, at exactly 1 to itself. All other currency units around the world are worth less than the US dollar.
The conclusion of the report; The US dollar was introduced in the 18th century, and is legal tender in the United States, other American territories, and sovereign nations including Puerto Rico, Ecuador, and Zimbabwe.
The United States is the largest economy in the world in terms of gross domestic product. The US dollar is the most traded currency in the world. The US dollar is the largest reserve currency in the world (the currency most often held by central banks) and is the currency used to price many commodities, including Oil, gold and copper. link